The rollout starts in the US and Hong Kong and will go global eventually, the bank said.
HSBC has started using BlackRock’s Aladdin Wealth platform to boost the wealth management services it offers to customers across the high net worth spectrum.
Aladdin Wealth enhances client portfolio analysis, portfolio construction and risk management capabilities. While Aladdin is established among asset managers and institutional investors, its use in private wealth management is more recent.
The rollout has begun in the US for private banking and in Hong Kong for Jade customers and will be followed by other locations. Aladdin Wealth will eventually become available to HSBC’s relationship managers and advisors globally who service customers holding $1 million or more with HSBC, either in its global private bank or its retail bank. HSBC holds $758 billion of client assets under management across these two divisions.
The Hong Kong/London-listed banking group has worked with BlackRock Solutions over the past 18 months on this venture.